FEDERAL BUDGET

Hokitika Guardian, 23 August 1929, Page 3

FEDERAL BUDGET

FAILURE OF CUSTOMS REVENUE ! ' (Australian Press Association) CANBERRA, August 22. Doctor Earl Page, Federal Tmisnrer, delivered his Budget speech today. -V ‘ The total revenue received by the Commonwealth Government for the year amounted to £61,419,000, and the expenditure £63,778,000, showing a deficit of £2,359,000, efiused by the failure of customs and excise revenue to reach the estimate by £2*241,429. Postal revenue showed a supplus of £158,000. * • 1 Dr Page estimated that the Public Debt now amounted to £173 10s 8d pel' head of the population. During the past six years the Commonwealth had redeemed £7,416,000 of the Public. Debt out of revenue, effecting a permanent saving of £400,000 yearly in interest. He estimates the revenue for 1929-30 at £64,198,000 and expenditure at £63,837,000. Dr Page announced that in order to reduce the deficit the Government intended to. impose a supertax of ten per cent increase on taxable individual incomes exceeding £2000; also to reimpose an amusement tax of five per cent on the total receipts for admission to enterainments. Dr Page directed attention to the fact that the War repatriations services and old age and invalid pensions had absorbed £54,600,000 of the total revenue. (Received this day at 9.25 a.m.) SYDNEY, Aug. 23. Statistics contained in the Federal Budget revealed that production in the Commonwealth had increased in the past seven years by sixty-two millions to 432 millions sterling. The movement of the trade balance in favour of the Commonwealth disclosed an improvement of 21 millions sterling. The savings bank deposits had risen from 162 millions in 1922 to 215 millions sterling in 1928. The number of telephones now in use in Australia was 505,554 which is sixth on the list of telephone density throughout the world.

BRUCE GOVERNMENT. MAJORITY REDUCED TO FOUR. CANBERRA, August 22.. ' The Labour Party’s censure motion against the Bruce Government in the Federal / House was defeated by four votes, after an all night sitting. Rt. Hon. W. M. Hughes, Mr Mann and Mr Stewart paired against the Government.